The danger of leaving your money on an exchange!

[Enola Holms 0]

There are some exchanges that are really good and you can keep your balance there but you should keep on checking the wallet and keep on login after few days

[Bond07 166]

On 3/25/2020 at 3:18 AM, johant123 said:

(Posting this on the section for beginners on purpose, because I want to warn them)

 

Here is another case of the owner of an exchange losing the private key that gives access to a large stack of Bitcoins, probably not even belonging to himself. The timing is most unfortunate (for everyone else) because the exchange owner was under investigation already;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

This link was shared here in the forum earlier, but the comments from many of the members really scare me! Many seem to believe that the owner really lost access, and was a very careless and unlucky man. Well ... that is possible, in theory .... but ...

 

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

Not for all exchanges. There are also so many loyal exchangers we can be used as a hot wallet like Binance. But we should not trust new and low volume exchanges.

[komtak 584]

sure it isn't always smart to keep your money at an trade. i am talking out of revel in, because i did it also inside the starting. thinking to go away my cash on the exchange because in a few days i am going to trade it and it is quicker to go away it on the exchange then transfering it from side to side to my pockets. regrettably ai misplaced the money.

[Husnyjaf 1784]

Well to me it's a risk to do su h thing. A lots of consequences may follow. When your Hope's are high and something happens. What if hackers or scammers do their things. Soit's better not do so.

[Am bi 788]

It is not safe for you to leave your money on exchange because scammers are always online and they will make sure that they search for a money from a investor and they will scam their account so it is not safe for you to leave your money in the exchange because it can be scammed.

[Fa19ba045 453]

On 3/25/2020 at 2:18 AM, johant123 said:

(Posting this on the section for beginners on purpose, because I want to warn them)

 

Here is another case of the owner of an exchange losing the private key that gives access to a large stack of Bitcoins, probably not even belonging to himself. The timing is most unfortunate (for everyone else) because the exchange owner was under investigation already;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

This link was shared here in the forum earlier, but the comments from many of the members really scare me! Many seem to believe that the owner really lost access, and was a very careless and unlucky man. Well ... that is possible, in theory .... but ...

 

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

Oh dear very well for sharing such a great information but now I think the situation has controlled, many of the members are trading and investing in large amount but we should be careful in investing.

[josefina5 143]

everything you reveal is correct that you be supposed to not operation argument as the core wallet and it is outdo to benefit a wallet that provides a restricted type subsequently that when the wallet giver stops in commission you canister sweeping your wallet in a new service

[Roop 1108]

You should never leave your money on exchange site. It should not be used as a wallet. Hackers and scammers are so active these days. We should be aware of it and store our money on safer websites and not on exchange.

[Moontong 5312]

I already d many articles about a person who stores their money in exchange and ended up losing their money, there are many reports that hacking is usually done when you use the exchange to store your wallet, s never do that, it is still safe to store your wallet in custodial wallet or hardware wallet, it will make you assure that your money is in good hands.

[bino 3576]

That's so unfortunate for the man who loss big sum of money. I read so many articles who getting scammed and hacked a large sum of money especially in cryptocurrency. Since this is cryptocurrency, its very hard to identify the suspects because users are unanimous. Let's all be extra careful all the time. Good advise, don't  leave large money in your wallet because one day, you might that bad experience. 

[Francisco87 651]

On 3/24/2020 at 5:18 PM, johant123 said:

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

Hello friend, history has always shown that no one is guilty until proven otherwise, for me it is clear that that man in his story hides something dark, you are absolutely right that large amounts of money should not be guarded by another person who don't be yourself...

[Smallingcane012 344]

We are very glad for your advice, as now we can't leave the money on save ,in order to avoid missing a lot. Thanks.

[Shehraz bhatti 1703]

Hy my friends i dont agreed to this statement because  i am also new member and i have done my 300 posts is well and i have the withdraw from youbit  exchanger after 14 days my earning was saved on youbit exchanger i think youbit is the best exchanger in the world where no risk of money  for the loss i have money in my personal wallet and i would like to thanks youbit exchanger you also can save your earning in youbit exchanger.

[Afaqahmad 1075]

Its an error to leave our cash on trade destinations or deal with them like wallets where to store crypto on the grounds that anything can happen imagine a scenario in which they are hacked or attempts to shut down without earlier notification, simply my place of perspectives much obliged.

 

Its an error to leave our cash on trade destinations or deal with them like wallets where to store crypto on the grounds that anything can happen imagine a scenario in which they are hacked or attempts to shut down without earlier notification, simply my place of perspectives much obliged.

[Roan 2166]

We have to be very careful with the first aspect I mentioned. All members have their own passwords that allow them access to their own wallet or to your account on the trading platform, so we must save the password well and write it on an external paper and put it in a safe place

On the other hand, which is the risk of leaving large sums on the platform, this is necessary so that you do not lose all your money in the event of losing the password.

[Umair976 10]

Your are saying all right i think it's totally mistak is our because we can't investigate about the wallet and we deposit amount in this wallet, result is that mostly wallets are fake which is easily scam by scammers.  So,  after confirmation we should deposit our amount. 

[Mubiflow 1771]

4 minutes ago, Roan said:

We have to be very careful with the first aspect I mentioned. All members have their own passwords that allow them access to their own wallet or to your account on the trading platform, so we must save the password well and write it on an external paper and put it in a safe place

On the other hand, which is the risk of leaving large sums on the platform, this is necessary so that you do not lose all your money in the event of losing the password.

Yes you are right and I also think its equally important to have more that one wallet so that you can share all your funds eqaul into them so that if you loose one you know you are not loosening the remaining with that idea yo won't loose all your funs

[Carry10 77]

It depends which exchange you are using.If you are using top rated exchange,then i think your money are safe their.Because hacking doesn't happen every day or every month. subsequently i think its harmless to tend your furnish in a extremely identified discussion for the reason that it has an advantages. You preserve doing extremely at once in any marketplace conditions.
 

[bogdanoff 3173]

The dangers is known because we have so many examples of hacks in exchanges and some even had all the money lost with their ceo vanishing and nobody else having access to private keys. It is happens and we need to be careful to move to wallets that we hold private key.

[Chief executive officer band 681]

I don't actually know about it but you have to choose a better paltfom or wallet in put your money because of hackers are always hacking money you better be carful. 

[Razan alikac 1899]

The investor is exposed to greater investment risks whenever he wants to make more profits, and there are many risks, including basic risks, market risks and interest rate risks. We must not put all our money in one portfolio and one currency.  And to be careful and vigilant.

[Noghran 0]

You are right, my friend!
Leaving a large amount of money in the wallet requires that a person be highly skilled and experienced so that he is not exposed to fraud
In the end, we should not get involved in financial problems that do not concern us.

[gbest2020 645]

I don't know until today that I read this post I will be doing the necessary thing with money like saving in original wallet or buying stuffs online paying directly with crypto currency I am earning from the campaign

[Liliz 529]

It is highly dangerous leaving all our money on an exchange, hackers are everywhere and they can easily cart away with all the money without any traces. We should never save our password online and other vital data and resources as it is an item of weapon for scammers and hackers to act upon. Always clear every vital data and information on your PC before shutting down, so as to feel more secured. We have to protect our capital and income efficiently.

[ilyast 13]

well I don't know about that procedure but yes leaving money on a site for a long time can be harmful for us because hackers can hack it and moreover it can be wasted when account closed or website closed so try to withdraw atleastleast once in a week.